The global financial crises in the last few years, the necessity to diversify the Nigerian economy away from oil, and improvements in the purchasing power of the Nigerian middle class, among other factors, have encouraged increased private investments in the leisure, hospitality and tourism industries in Nigeria.

On Monday 2nd April 2012 the House of Representatives’ Committee on Finance (CoF) by public notice published in THISDAY announced its intention to commence investigation of Corporate Tax Returns and Remittance of Companies made to the Federation Account for the period 2006 – 2011. The investigated remittances are; Company Income Tax, Education Tax, Withholding Tax, Value Added Tax, Royalties, Petroleum Profit Tax and other revenues due to the Federal Government of Nigeria (FGN).

Recently, the Central Bank of Nigeria (CBN) included Asset Management Corporation of Nigeria (AMCON) Bonds as eligible securities for repurchase transactions under its standing facilities. However, apart from investment bankers and perhaps securities and finance savvy individuals, everyone else would probably require a basic understanding of repurchase transactions to perhaps appreciate the intent of the apex bank with this inclusion.

The enactment of the UK Bribery Act 2010 by the British authorities in July 2011 is still causing a wave of in the business community not only in the UK, but particularly in Africa. According to the Act which came into force in July 2011, foreign companies carrying on business in the UK can be prosecuted for failing to prevent bribery committed by any of its employees, agents or other representatives, even if the bribery takes place outside the UK and involves non-UK persons.